In response to community inquiries about the Ethereum Foundation’s spending, co-founder Vitalik Buterin and spokesperson Josh Stark provided a detailed breakdown of the foundation’s 2023 expenditures in a social media post on August 27.
The largest portion of spending, 36.5%, was allocated to new institutions – organizations or entities that support the growth of the Ethereum ecosystem. Layer-1 (L1) research and development followed, accounting for 24.9% of the foundation’s budget in 2023.
Stark clarified that the L1 expenses included grants to external teams and internal research and development at the Ethereum Foundation, such as support for the core Ethereum client Go-Ethereum (Geth), Solidity R&D, Devcon and the Ethereum Robust Incentives Group, among others.
Community development was the third-largest spending category, at 12.7%. The remaining 25.9% of expenditures were distributed among applied zero-knowledge work (10.4%), internal operations, layer-2 research and the developer platform.
Accusations Against Buterin and the Ethereum Foundation
Recently, Kain Warwick, a prominent DeFi developer, accused Vitalik Buterin and the Ethereum Foundation of being “anti-DeFi”. He criticized the Foundation for allocating only a small portion of its budget to decentralized finance development and wasting the majority on nonsense.
In response, Buterin defended his commitment to decentralized finance, emphasizing his use of decentralized exchanges and his focus on sustainable, long-term projects. He stated that he is not interested in short-term or unsustainable ventures, such as liquidity farming or projects that rely on issuing and dumping new tokens.
Read more: Ondo Expands USDY Yield Coin to Arbitrum
Ethereum Foundation’s Educational Initiatives in Argentina
Demonstrating its dedication to expanding the Ethereum ecosystem, the Ethereum Foundation, in collaboration with ETH Kipu, hosted a workshop in Buenos Aires, Argentina, to educate high school students about blockchain technology. ETH Kipu also announced plans to introduce blockchain internships and an online course in Solidity, the programming language used for coding smart contracts on Ethereum.
Cre: cointelegraph.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
